Indiana Code 6-1.1-8.2-5. Determination of amount of credit

Sec. 5. (a) Subject to subsection (b), the amount of the credit that a taxpayer is entitled to under section 4 of this chapter for a particular calendar year is equal to the lesser of:

(1) twenty-five percent (25%) of the qualified expenditures made by the taxpayer in the calendar year immediately preceding the calendar year in which the tax liability is imposed; or

Terms Used In Indiana Code 6-1.1-8.2-5

qualified expenditures: means expenditures made by a taxpayer during a particular calendar year on the maintenance or improvement in Indiana of railcars owned or used by the taxpayer. See Indiana Code 6-1.1-8.2-1
tax liability: means a railcar company's tax liability under Indiana Code 6-1.1-8.2-3
taxpayer: means a railcar company (as defined by Indiana Code 6-1.1-8.2-2
Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5

(2) the taxpayer’s total tax liability for the calendar year.

(b) The total amount of credits provided under this chapter in a calendar year may not exceed two million eight hundred thousand dollars ($2,800,000). If the total amount of credits applied for in a calendar year exceeds the maximum provided under this subsection, each taxpayer’s credit shall be reduced by an amount determined under the following STEPS:

STEP ONE: Divide the maximum amount of credits provided by this chapter for the year by the total amount of credits applied for under this chapter for the year.

STEP TWO: Multiply the STEP ONE result by the total amount of credits applied for by the taxpayer for the year.

As added by P.L.253-1999, SEC.2.

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